I consider Wealthy Doc the OG (original gangsta) of physician bloggers as even Jim Dahle of White Coat acknowledges the fact that he was not the first on the scene and deferred that recognition to Wealthy Doc.

I am an avid reader of Wealthy Doc’s blog and he has had his share of posts featured on my Grand Rounds blog roundup.

Wealthy Doc has a great origin story and I was thrilled when he accepted my offer to be put underneath the X-ray beam.

If you can please give a brief introduction of yourself (age, medical specialty, years of medical practice:

I’m middle-aged.

Okay, old (I’m writing this on my 52nd birthday).

What a way to celebrate, eh?

I’m originally from NY but now live in the Midwest.

I have been practicing for 20 years and am finally getting the hang of it.

The breakdown for those years is: 5 years private practice; 5 years in academia; and 5 years as a salaried employee of a non-profit hospital network.

I’m debt-free and financially independent.

I practice medicine three days a week.

My days off are spent helping at home, exercising, building my income streams, and writing on my blog.

When did you know you wanted to become a doctor? Were there any influential people or events that made you embark on this career path?

I was a late bloomer.

There were few role models with degrees of any kind, let alone in medicine.

My high school teachers and guidance counselors told me I would never go to college.

So graduate school of any kind was beyond my imagination.

When I transferred into my 4-year public college I must have been quite a sight.

I was destitute with just a few clothes in a trash bag.

I had no car, savings, or a driver’s license.

I was a high school drop out with a community college diploma.

I entered as a junior and really loved learning.

I made a few friends in my chemistry classes and realized they were all pre-med.

They explained to me why medicine would make a great career.

You can help people, have a purpose, use your science knowledge, and make a reliably high income.

My faculty advisor encouraged me also.

So, the shorter answer: influence from peers and my professor in my senior year of college.

What were some of the deciding factors that led into choosing your medical specialty? Were there any other specialties that you considered?

[Note: Wealthy Doc preferred to not disclose his exact specialty as it is quite specialized, low in numbers, and may lead to potential loss of his anonymity]

Each specialty seemed to have a stereotypical personality.

When I rotated through a specialty, I would ask myself, “is this a good fit?”

Have you personally fallen trap to any of the typical mistakes physicians make, and if so can you name some of your biggest ones?

Yes!

How many pages do I have for this answer?

I had a car loan – more than one over the years.

Not optimizing points with airline miles and credit cards.

Not keeping detailed and organized investment records.

Credit card debt that I couldn’t pay off.

The “charge offs” trashed my credit almost as bad as a bankruptcy would have.

Falling behind on property taxes.

I nearly lost my house and had to pay penalties and back taxes.

Bouncing checks.

Poor record keeping and no budget contributed to this.

Buying individual stocks.

The wrong stocks. At the wrong time. Then panic selling after a drop. Also, at the wrong time.

Not buying real estate sooner.

My rental income and appreciation would be enormous even if I started just 10 years ago. Real estate was on sale and I had the money. I could have but didn’t.

Ignoring income taxes.

Income taxes are always my biggest expense. It is easy to ignore though. It comes out before my paycheck. Reducing it means effort, record keeping, knowledge of boring tax codes, time, and audit risk. Doing nothing is easier. But a lot more expensive and that is the route I chose.

You were one of the first, if not the first, physician personal finance bloggers on the scene. What inspired you to start a blog? Were there any surprises along the way?

I have always been interested in economics, investing, and finance.

I learned a lot about applying that knowledge during my first year of private practice.

It was meant to be an independent resource for doctors who want to get their financial house in order.

I knew there could be a business model, but I didn’t want to end up like those guys in the slick suits who sold young doctors down the river.

My technology knowledge at that time was rusty.

My time was very limited too.

I had left academia to start two new private practices.

I was also getting new certifications, re-cert exams, trying to invest in a surgery center and commercial real estate, teaching, writing a book chapter, giving talks in the community, helping raise a three-year-old daughter, etc.

I didn’t give the site much love and attention.

It drifted until 2011 when a guy in Utah named Jim Dahle came on the scene.

The rest is history.

He and his partners have been very gracious in publicly point out that I was the first in this niche.

But Jim truly deserves the credit for making this the vibrant platform and community that it is.

I have tremendous respect for him, his work ethic, and his business acumen.

What were some of the other names you were contemplating for your blog before you chose Wealthy Doc?

I remember brainstorming this.

We were on vacation and my wife was napping.

I sat down with several sheets of paper and wrote down dozens of possible names.

I recently came across it.

I believe I threw it out.

I don’t remember most of them and many of them sucked.

A lot of them were awkward involved the concept of multiple streams of income.

I was interested in happiness research and the mood benefits of being financially free so I had variations around TheHappyPhilosopher, and HappyMD.

If it turns out I didn’t throw it out and I come across it, I will write a post about it.

Do you have any advice to individuals who may be contemplating starting a blog of their own?

I’m flattered that you asked.

If I were starting out, I would ask those who have been more successful in this field.

We all know who they are.

For those who enter because they saw a WCI financial report – beware.

If you are burned out and see this as an easy way to make high passive income, you are quite deluded.

Jim makes it look easy, but it is not at all.

I also wouldn’t start “a blog.”

I would see it as a comprehensive online business.

Although blogs still have a niche, they are becoming passé.

Maybe start with podcasts and YouTube and Facebook groups.

A website or blog could serve as a landing pad or transcript repository.

Learn marketing and social media.

I didn’t.

It shows in my traffic numbers.

As you can imagine, someone who has been blogging since 2007 has a lot to say, far more than what can be accomplished safely in one sitting under the X-ray Beam.

Fortunately the schedule was clear for both of us and we both agreed to meet up again tomorrow first thing.

I hope you come back to join us as well.

If you are interested in checking out previous individuals that were brave enough to expose themselves to the beams of the X-ray, please check them out here.

Note:

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Thank you

-Xrayvsn

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